On 19 April 2017, a c lose company (which makes up accounts to 31 March annually)

lends £ 99,400 to Siobhan, who is a director of the company and who owns 30% of its ordinary share capital. The company does not provide loans in the ordinary course of its business. Siobhan pays a commercial rate of interest o n this loan until 1 October 2018 , when she repays £55,000. She then continues to pay a commercial rate of interest on the remainder of the loan until it is written off by the company on 31 March 2019 . Explain the tax implications of these transactions.